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Nuvama Wealth picks Vedanta in aluminium space; sees uptick in prices ahead

 Vedanta, is brokerage firm Nuvama Wealth Management Ltd's top pick in the aluminium space with a potential for an uptick in the metal's price.

It has projected a target price of 428 rupees per share for the stock.

In Q3FY23, the company produced 5.66 lakh tonnes of aluminium, and for 9MFY23, it produced 17.16 lakh tonnes.

Vedanta is an arm of Vedanta Resources that has major operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminium ,and power.

The brokerage anticipates a rise in aluminium prices from the present levels of US$2,227 per tonne, which are down 34% from a year ago and 5% month-on-month 

As summer approaches in China, output will presumably slow down, and downstream demand is anticipated to improve in China.

For FY24 and FY25, the brokerage expects the average price of aluminium to be US$2,500 per tonne.

“We believe the China production to decline with the onset of summer. This, coupled with increasing Chinese domestic demand, should increase from CMP of US$2,227/tonne,” said the brokerage.

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According to the International Aluminium Institute, global aluminium output increased 2.7% on year in February 2023 to 5.27 million tonnes.

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Nuvama Wealth picks Vedanta in aluminium space; sees uptick in prices ahead

According to the International Aluminium Institute, global aluminium output increased 2.7% on year in February 2023 to 5.27 million tonnes.

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